Spain

Spanish paper company Lecta moved closer to its restructuring on Friday, as the majority of its bondholders signed a lock-up agreement to swap debt for equity. The deal replaces €600m of 2022 and 2023 notes with new senior and junior notes and equity in the company.

Cellnex, the Spanish telecommunications company, has closed the books on its cash call to fund its acquisition of Arqiva's tower business, attracting huge levels of demand for shares.

Spanish banks are using strong market conditions to their advantage towards the start of November, with Banco de Sabadell completing its annual funding plans this week and UniCaja Banco getting ready to launch its debut tier two transaction.

There is a growing pipeline of subordinated bond issuance in the FIG market this week, as issuers think about their regulatory requirements and find no reason to wait in light of a recently favoruable backdrop.

Spanish pharmaceutical company Grifols is planning to take advantage of balmy market conditions with a refinancing package that will replace most of its outstanding debt. The package will consist of a $3bn term loan B in dollars, a $1.6bn TLB in euros and $1.25bn of senior secured bonds issued in euros.

Banco de Sabadell completed its annual funding plan on Tuesday with a €500m preferred senior bond, adding a call option to the transaction in a clear sign that it is likely to be used as part of the minimum requirement for own funds and eligible liabilities (MREL).

Guarantor: Kingdom of Spain

Instituto de Crédito Oficial (Ico) is planning to issue its second green bond in 2020, following its debut trade in the format earlier this year.

Instituto de Crédito Oficial (Ico) and Investitionsbank Berlin (IBB) found strong demand in the short end of the euro curve on Wednesday, which SSA bankers are calling the new sweet spot, despite the deeply negative yields.

Instituto de Crédito Oficial (Ico) held investor calls on Tuesday ahead of its return to the social bond market to complete its funding needs for the year.

The IPO of Zero–E, a Spanish renewable energy firm, has been delayed until next year, as ACS, the company’s parent, explores M&A options, say sources close to the deal.

Cellnex, the Spanish wireless telecommunications company, is getting tremendous traction in investor meetings for its €2.5bn rights issue to fund a transformational UK acquisition.